铅：窄幅震荡

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The lead market shows a narrow - range oscillation, with a trend strength of 0, indicating a neutral outlook [1] 3) Summary According to Relevant Catalogs Fundamental Tracking - Price and Volume Data: The closing price of the Shanghai lead main contract was 17,005 yuan/ton, up 0.35% from the previous day; the closing price of the LME 3M electronic disk was 1,945 dollars/ton, down 0.66%. The trading volume of the Shanghai lead main contract was 40,549 lots, an increase of 2,570 lots; the LME lead trading volume was 2,178 lots, an increase of 48 lots. The open interest of the Shanghai lead main contract was 38,819 lots, an increase of 86 lots; the LME lead open interest was 147,337 lots, a decrease of 124 lots [1] - Premium and Discount Data: The premium of Shanghai 1 lead was 25 yuan/ton, an increase of 25 yuan/ton; the LME CASH - 3M premium was - 17.91 dollars/ton, an increase of 3.28 dollars/ton. The PB00 - PB01 spread was - 15 yuan/ton, a decrease of 20 yuan/ton; the import premium was 105 dollars/ton, unchanged [1] - Profit and Loss and Inventory Data: The spot import profit and loss of lead ingots was - 662.64 yuan/ton, a decrease of 117.98 yuan/ton; the import profit and loss of the Shanghai lead continuous third contract was - 633.54 yuan/ton, a decrease of 104.32 yuan/ton. The Shanghai lead futures inventory was 37,971 tons, unchanged; the LME lead inventory was 271,025 tons, a decrease of 3,050 tons. The price of waste electric vehicle batteries was 10,300 yuan/ton, a decrease of 100 yuan/ton; the LME lead cancelled warrants were 154,400 tons, a decrease of 3,050 tons. The profit and loss of recycled refined lead was - 502 yuan/ton, an increase of 61 yuan/ton [1] News - China's Ministry of Foreign Affairs stated that China and the US have not conducted consultations or negotiations on tariff issues [1] Trend Intensity - The lead trend intensity is 0, with the range of values in the [-2, 2] interval for integers, and the strength classification including weak, relatively weak, neutral, relatively strong, and strong, where - 2 represents the most bearish and 2 represents the most bullish [1]